Kazakhstan launches Evo stablecoin built with Solana and Mastercard

Kazakhstan is launching a homegrown stablecoin backed by Solana, Mastercard, and one of the country’s largest banks.

Summary

• The National Bank of Kazakhstan unveiled Evo (KZTE), a tenge-pegged stablecoin issued by local crypto exchange Intebix.
• Part of the country’s regulatory sandbox, the pilot enlists Eurasian Bank and Mastercard as early partners, marking a significant step in Kazakhstan’s digital transformation strategy
• It’s also a test bed for how stablecoins could reshape payments for consumers and businesses alike.

Stablecoin adoption is accelerating globally, and governments are racing to stay ahead of the curve. On Tuesday, Sept. 23, the National Bank of Kazakhstan announced the launch of the stablecoin pilot project under the country’s regulatory sandbox regime, local media reported.

Namely, Kazakhstan launched Evo (KZTE), a stablecoin pegged to its local currency, the tenge, and running on the Solana (SOL) blockchain. Local crypto exchange Intebix was the issuer, while the Kazakh bank Eurasian Bank and Mastercard were key partners in the launch.

National Bank Governor Timur Suleimenov stated that the move was a part of the country’s ongoing efforts in digital transformation. He also outlined the benefits to the country’s banking system.

Kazakhstan to tap stablecoin for business

Kazakhstan’s local Eurasian Bank will be one of the first banks to start using stablecoin payments. According to Lyazzat Satieva, Chair of the Eurasian Bank’s Management Board, the new technology has potential both for retail users and businesses.